Target has fled Canada. The sinking business in the Great White North failed to generate a profit after the company was plagued by poor customer service and empty shelves. Canadians voted with their wallets after the CEO of Target, Gregg Steinhafel, accepted responsibility for the massive credit card data breach in 2013, which left Target customers’ trust in tatters.
The incident involved up to 110 million customers’ personal information, including private mailing addresses, telephone numbers and email addresses along with the customers’ names, hacked in a data breach. Profits plummeted, with a reported loss of $2 billion.
To add insult to injury to the almost 18,000 Canadian employees left with only a 16 week severance pay, Steinhafel received a whopping $61 million payout in the form of his pension, stock options and a severance of approximately $16 million.
It is reflective of the widening gap between the ‘ground worker’ and CEO. Where the average worker sits on just under an annual wage of $35,000 and the average CEO earning around the $12 million mark.
Absolutely sick. Good riddance. Even though I am in Australia, this issue comes close to my heart, as I know people that work for Target here who are suffering from similar issues.
Personally, I don’t touch them with a 10-foot pole, and this revelation has just strengthened my stance towards dealing with the corporation in any way, shape or form even more.
I don’t understand how this is a good thing for the employees?
Wow this site blows things outta porportion. The business model in canada was never going to work with the canadian dollar (Loonie tehehe) growing to the equlivalent value of the US dollar, yet the canadian price tags never changed, its not a “TRUST” issue hahahaha. Little “leftish” sign off at the end…. That CEO was once a ‘ground worker’ but obviously made some good decisions. Dont be jealous of other peoples corporate success. Its a game out there, so buy in or lose. Who knows Im a ground worker for a global big tech company. I might be CEO if I work hard and make good decisions. Remember to be humble, reject unions (talk about leeching greed) and never hold a sign on the side of a busy road.
Target couldn’t make the grade in Canada because it was just like Zellers, the chain store that proceeded Target. It couldn’t compete with Walmart.Target crossed the border and Canadians had hoped to see a true competitor to Walmart. Unlike the states this never happened, so what we basically got was Zellers with a different look
The way this is wriitenhas a Liberal agenda. I would like to see a normal employee play CEO and get the 12 million. Blame the rich tax the rich…It is the rich that gives you your job…This us a non ussue Target is known for higher prices for the same poor quality crap made in China…Canada also has higher individual taxes. So wgadoya want 30 an hour for a meanial cashier job? Aint happenin